Stock Market & Financial Investment News

Advanced Drainage takes operational control of BaySaver JVAdvanced Drainage Systems announced that it has acquired operational control of its BaySaver, LLC joint venture from its partner, BaySaver Technologies. Under its BaySeparator and BayFilter brands, “BaySaver” manufactures stormwater treatment units used in construction applications to remove sediments and other pollutants from stormwater runoff. Through this transaction, ADS has acquired an additional 10% from BTI for $3.2M, bringing its interest in the joint venture to 65%. The joint venture was initially formed on July 15, 2013. The partnership combined the industry leading engineering, manufacturing, sales and distribution of ADS, with the research, development and technical approvals of BTI. During the twelve months ended March 31, 2015, BaySaver had revenue of approximately $11M. BaySaver will continue to be based in Mount Airy, Maryland with a focus on stormwater filtration and separation technologies. As a result of the transaction, ADS will consolidate BaySaver for financial reporting purposes effective as of the July 17, 2015 closing date.